Skippr Blog

The cloud is redefining how we live and do business. It is now being recognised as a global economic engine underpinning new innovations, new business models and even entirely new industries. Now data can be created, stored, disseminated and accessed real-time from anywhere in the world that is connected to the internet. This has created a data explosion with 90% of the world's data being created in the last 2 years!

A long time ago an insolvency expert told me the secret to turning around a failing business. What he said was "to keep your margins up and your costs down". That sounded fairly simple at the time but over the years I have understood more and more how important those words are and how difficult it can sometimes be to make it happen.

Having foresight over your monthly cash flow statement is critical to the survival and success of your business. Every business owner should be asking the following questions to best understand how to do a cash flow forecast for their small business:

The most common reason for cash flow pressure in an agency is long-dated invoice payment terms enforced by the end-customer. In Australia, there is on average over $19m worth of invoices outstanding longer than 30 days, while 44% of invoices are being paid late. This is typical throughout the marketing, media and advertising industries. Publishers, app developers, production, modelling and creative companies all suffer from slow invoice payments which crushes their cash flow.

Ever had an idea for a business but just been too afraid to start? Prior to this year, you would have probably been forgiven for not taking the plunge in the Australian market. You probably thought that your only way of getting the help you need was by featuring on the next episode of Shark Tank.